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RECEIVED <br />MINING PERMIT TRANSFER AGREEMENT <br />JAN 0 8 2014 <br />THIS MINING PERMIT TRANSFER AGREEMENT ( "Agreement ") 41*9defffiWiamation, <br />entered into effective as of December 1, 2013, by and between HIGH PLAINS'ig '1'0" <br />AND GRAVEL LLC, a Colorado limited liability company, dba Pittington Construction, <br />, whose address is 229 Cheyenne Avenue, Eaton, Colorado 80615 ( "Transferor "), and <br />GLACIER ROCK COMPANY, a Colorado corporation, whose address is 3501 East <br />Prospect Road, Fort Collins, Colorado 80525 ( "Transferee "). <br />RECITALS <br />A. Transferor has agreed to transfer to Transferee that certain Mining Permit <br />No. M -1994 -096 ( "Mining Permit ") for the operation of the Russell Gravel Pit in Larimer <br />County, Colorado ( "Gravel Pit "), issued by the Colorado Division of Minerals and <br />Geology ( "Division "). <br />B. In consideration of the transfer of the Mining Permit by Transferor to <br />Transferee, Transferee has agreed to pay Royalty Payments (defined below) based upon <br />Materials (defined below) extracted and sold from the mine as more fully provided <br />hereinafter. <br />C. The parties desire to enter into this Agreement to evidence the obligation of <br />Transferee to make such Royalty Payments to Transferor upon the terms and conditions <br />set forth herein. <br />NOW, THEREFORE, for and in consideration of the transfer of the Mining Permit <br />to Transferee and the mutual promises of the parties hereto and other good and valuable <br />consideration, the receipt and adequacy of which are hereby confessed and <br />acknowledged, the parties hereto agree as follows: <br />1. Transfer of Mininiz Permit. Transferor shall assist Transferee in the transfer <br />of the Mining Permit with the Division, free and clear of any liens and encumbrances, <br />without out -of- pocket cost or expense to Transferor, resulting in Transferee being <br />designated the "Successor Operator" by the Division. <br />2. Payment of Royalties. In consideration of the transfer of the Mining Permit <br />by Transferor to Transferee, Transferee shall pay to Transferor the following royalties <br />( "Royalty Payments ") up to a maximum of One Hundred Thousand Dollars <br />($100,000.00): <br />